Switzerland: Manufacturing PMI picks up in March; services PMI falls
The Credit Suisse/procure.ch Manufacturing Purchasing Managers’ Index (PMI) came in at 45.2 in March, up from February’s 44.0. March’s result marked the best performance since April 2023. Consequently, the index remained below the 50.0 no-change threshold, signaling a continued—albeit softer—deterioration in manufacturing sector operating conditions from the previous month. The increase was supported by a less pessimistic assessment of output and the backlog of orders.
Meanwhile, the Services PMI stood at 47.6 in March, down from February’s 53.0, on much weaker readings for business activity and new orders. That said, the February services data should be interpreted with caution: The Services PMI has in the past occasionally plunged one month only to bounce back the next.